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Is Zakat payable on fixed deposits which are placed with banks, post offices or companies? PDF Print E-mail
Question:
Is Zakat payable on fixed deposits which are placed with banks, post offices or companies to get a fixed monthly or annual income? Such deposits are frozen for a period of 3 to 7 years.


Answer:
These amounts are actually owned by their depositors and they remain in the banks or at other places for saving, so they are liable for Zakat.
 
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